AOL Rumor Makes Yahoo Stock Move Upwards
Now Yahoo is up to $11.50 -- still far away from $33
SUNNYVALE, CA - JANUARY 22: The Yahoo logo is seen on a sign outside of the Yahoo Sunnyvale campus January 22, 2008 in Sunnyvale, California. (Photo by Justin Sullivan/Getty Images)
Tuesday, Dec 2, 2008 Updated at 4:45 PM PDT
Yahoo's stock is getting a boost on the news that AOL's former chief executive believes he can raise enough money to buy the struggling Internet company.
The Wall Street Journal reports that Jonathan Miller is trying to secure financing to make a $28 billion to $30 billion bid for Yahoo.
The story posted on the Journal's Web site cited unnamed people familiar with the matter.
A Yahoo spokeswoman declined to comment on the report, calling it a rumor.
Yahoo shares rose 76 cents today, or more than 7 percent, to close at $11.50, as The Wall Street Journal story raised investor hopes.
Miller's potential offer for the Sunnyvale-based company would be at $20 to $22 a share.
Analysts say the nation's credit crunch will make it hard for Miller to raise the money.
Copyright Associated Press